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Tuesday, October 11, 2016

Doing good and creating jobs

General Treasurer Seth Magaziner
and Rhode Island Infrastructure Bank CEO Jeff Diehl joined state and Cranston
officials in touring a Rhode Island Infrastructure Bank (RIIB) financed project
at Edgewood Highland School. The tour was led by Cranston School Superintendent
Jeannine Nota and Principal Marlene Gamba.

Thanks to a $2.2 million
low-interest loan from the RIIB, Edgewood Highland School is upgrading its
outdated heating and air conditioning system.

"When I proposed an
infrastructure bank for the state, this is exactly the type of project I hoped
it would finance," said Treasurer Magaziner. "Not only does this
financing provided support construction and building jobs that our state needs,
it will also help our local municipalities save on utility costs."

"Our school building
is nearly 50 years old and our HVAC was in desperate need of an upgrade,"
said Principal Gamba. "The loan provided by Rhode Island Infrastructure
Bank has improved the educational climate for students, while also reducing
energy bills for the school."

The RIIB is providing financing
that is supporting Rhode Island's labor force, while also energizing the
state's clean energy economy.

"Not only has this project
improved the learning environment for our elementary school students, the new
system is more energy efficient, which will save taxpayers money over the long
term", said Cranston School Superintendent Jeannine Nota.

During its first round of
financing, Rhode Island Infrastructure Bank has provided $17.2 million in
financing to support a variety of energy efficiency and renewable energy
projects in Pawtucket, Providence, Cranston, West Warwick, Westerly and
Newport.

"The Efficient Buildings
Fund is a great tool for municipalities. The low-cost financing provided by the
program assists cities and towns in making much needed improvements to their
energy infrastructure that reduce energy costs long term and our reliance on
fossil fuels", said Jeff Diehl, CEO of Rhode Island Infrastructure Bank.
"We look forward to working with the City of Cranston on other projects in
the future."

The first round of projects
financed through Rhode Island Infrastructure Bank's Efficient Buildings Fund
program is expected to create or support 263 jobs and ultimately save local
taxpayers more than $20 million in energy costs.

The Infrastructure Bank is now
accepting applications for Round 2 of funding. The application period for Round
2 will close at noon on December 21, 2016.

Eligible public entities include
municipalities, public schools, quasi-state entities and other local
governmental units, such as drinking water or wastewater service providers.

Projects eligible for financing include cost-effective energy efficiency
measures and the installation of renewable energy infrastructure, including
solar panels and wind turbines. The Round 2 application can be found here: http://www.energy.ri.gov/RIEBF/.